VOLUME 56

Welcome back to yet another volume of The Pace Report! Hope you enjoy this week’s round ups.

— Jacob Pace

Selena Gomez Becomes a Billionaire Driven by Rare Beauty Success

What happened: Selena Gomez has officially become a billionaire, as a result of the success of her cosmetics line, Rare Beauty. Launched in 2020, the beauty brand has quickly gained prominence with key partnerships, including Sephora, Kohl's, and SpaceNK. With its emphasis on inclusive shades and messaging around mental health, Rare Beauty has resonated with a unique yet broad audience, which has helped it stand out in a crowded market.

Why it matters: Gomez's transformation from a pop icon to a beauty mogul highlights the increasing trend of celebrities diversifying into entrepreneurship. Her success mirrors that of other high-profile figures like Rihanna and Kylie Jenner, who have also leveraged their influence to build billion-dollar empires in beauty and fashion. 

By the numbers: Rare Beauty has reportedly generated over $400 million in revenue, significantly contributing to pushing Gomez's net worth past the billion-dollar mark, surpassing her earnings from her music career. Over 80% of her wealth now stems from her majority ownership in the beauty brand.

Trump Proposes Government Efficiency Commission Led by Elon Musk

What happened: Former President Donald Trump announced that, if re-elected, he would create a "Government Efficiency Commission" to streamline federal operations, with Elon Musk as the chair. The proposal is part of Trump’s 2024 campaign platform to reduce government waste and bureaucracy.

Why it matters: Trump’s choice of Musk reflects the growing intersection of business and politics. Musk’s involvement could also signal a push for more privatization of public services, a controversial stance that will likely spark debate.

What they’re saying: Critics have already raised concerns about conflicts of interest, particularly given Musk’s leadership of several large corporations that could benefit from deregulation.

Google to Receive Punishment for Search Monopoly by Next August Says Judge

What happened: A U.S. judge has indicated that Google could face punishment for its dominance in the search engine market by August 2025. This comes after a lengthy antitrust lawsuit accusing the tech giant of maintaining an illegal monopoly through exclusive deals and aggressive tactics to edge out competitors. Google has repeatedly defended its practices, claiming that its success is due to consumer preference, not anti-competitive behavior.

Why it matters: The case against Google is one of the most significant antitrust lawsuits in U.S. history and could reshape how major tech companies operate. A ruling against Google would have wide-reaching consequences for other tech giants like Amazon and Apple, potentially opening the door for stricter regulation across the entire industry.

What to watch: The outcome of the case will be closely monitored by regulators around the world, as many other countries have launched similar investigations into Google’s practices. A decision in the U.S. could set a global precedent for curbing the power of big tech.

Apple Introduces the iPhone 16 with Apple Intelligence

What happened: Apple has officially unveiled the iPhone 16, its latest flagship smartphone, featuring the highly anticipated Apple Intelligence. This feature integrates advanced AI capabilities into the device, improving everything from photography to real-time processing tasks.

What to watch: The iPhone 16 is expected to fuel demand for AI-powered apps and services. Consumers and developers alike will likely explore how Apple Intelligence can reshape more aspects of their daily life from entertainment to productivity on mobile devices.